HOMEBUYERS CONFIDENCE
Mumbai property market sets yet another benchmark, records best-ever June; registrations rise 12%
Mumbai, India's largest and priciest property market, has achieved a new milestone by recording its highest-ever property registrations for the month of June. In June, the city saw 11,538 property registrations, marking a 12% increase from the previous year. This led to the state exchequer collecting over Rs 998 crore in stamp duty revenue, reflecting a 16% year-on-year rise
Mumbai realty market breaks record for 10th month in row
Mumbai, India's commercial capital, has recorded its best performance on record for real estate deals in May, driven by brisk sales and high demand despite increased mortgage rates and rising property prices. The Mumbai property market saw over 11,917 property registrations, up 21.3% from the previous year. The market's sustained confidence in India's economic expansion has resulted in robust business activity in the industry.
Mumbai property market continues record-setting spree with best-ever May
The country’s commercial capital witnessed more than 11,917 property registrations during the month, up 21.3% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,029 crore through stamp duty collection, up 23.5% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
'Sleeping partner can't answer sitting...': FM Sitharaman stumps a stock broker when he raises multiple tax concerns
Union Finance Minister Nirmala Sitharaman gave a cryptic responses to concerns about high taxes on stock market brokers and real estate transactions, stating that the government benefits heavily from these taxes without sharing operational burdens. She urged the Bombay Stock Exchange to collaborate with SEBI to enhance investor confidence and warned retail investors of the risks associated with the derivatives market, stating that an unchecked explosion in riskier futures & options could potentially cause problems in household finances.
Refund of flat booking amount: Homebuyer fights Godrej Properties and wins the case; Know your rights under RERA
Godrej Properties: A homebuyer booked a flat with Godrej Properties near Mumbai in 2019 by paying Rs 5 lakh as earnest money. Due to personal reasons he cancelled the booking and as a result the property developer forfeited the entire earnest money of Rs 5 lakh. Maharashtra RERA tribunal deems this action as 'not legal'.
Buyer sentiment strong in housing segment, says Magicbricks survey
The real estate platform unveiled its flagship Housing Sentiment Index (HSI) report, reflecting a positive outlook for the residential real estate market, with an overall HSI of 149. Ahmedabad took the lead with the highest HSI of 163, closely trailed by Kolkata (160), Gurugram (157), and Hyderabad (156), driven by improved infrastructure and forthcoming real estate ventures.
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Several issues in Noida unresolved for long: Samajwadi Party candidate
In the BJP stronghold of Gautam Buddh Nagar, Samajwadi Party's Lok Sabha candidate Rahul Awana is focusing on issues concerning farmers and homebuyers in Noida and Greater Noida to connect with voters. Awana, from a farming background, highlights long-standing issues like land compensation for farmers and unemployment among youth. He criticizes sitting MP Dr. Mahesh Sharma for the district's problems and expresses confidence in addressing them. Awana replaced Mahendra Singh Nagar as the SP candidate, with the change reportedly decided by party leadership.
Residential real estate could see another peak in 2024
Residential real estate in India is expected to reach a peak in 2024, despite the General Elections, due to existing regulatory reforms and strong GDP growth predictions. Previous election years in 2014 and 2019 saw growth in housing sales. Developers are venturing into new territories, with positive market trends indicating a potential peak in 2024.
Housing ministry asks state RERAs to set recovery mechanism for homebuyers’ refunds
“It is a major concern that homebuyers across India are facing challenges in getting their refund orders enforced. We gave our report after studying the Gujarat model of recovery to the ministry for its consideration. It's a very positive step that the ministry has written to all states suggesting the Gujarat model as a way forward for effective recovery,” said Abhay Upadhya, President of pan-India homebuyers body Forum for People’s Collective Efforts (FPCE).
Over 2 lakh homebuyers set to benefit as UP government approves Amitabh Kant’s committee recommendations
UP cabinet on Tuesday gave approval to the recommendations submitted by the Amitabh Kant committee which was formed by the central government to examine the issues related to legacy stalled real estate projects.
UP RERA told CREDAI to ensure developers cooperate in resolving dispute with homebuyers
Uttar Pradesh RERA held a meeting with associations of home buyers' - NEFOMA, NEFOWA and association of promoters' CREDAI Western UP operating in Gautam Buddha Nagar. Representatives of homebuyers' association said the mediation of the conciliation forum is very useful in resolving disputes by mutual consent in 90% of the cases.
The rise of NRI investments in luxury real estate - A bubble or milestone?
NRIs are attracted by Mumbai's cosmopolitan nature and iconic locations, but there is also a shift towards exploring newer micro-markets. Factors such as emotional connection, diversification, favorable exchange rates, a growing economy, and potential return on investment contribute to NRI interest in the Indian real estate market.
Tax sops, flexible payment plan key influencing factor for prospective homebuyers: Survey
Tax incentives and flexible payment plans are motivating prospective homebuyers to purchase residential properties, according to a survey by proptech firm and realtors' body Naredco. The survey found that 48% of respondents preferred real estate as an investment, outperforming stocks, fixed deposits, and gold. The demand for ready-to-move-in properties is higher than that for under-construction projects. The survey also highlighted the importance of personalized support in the homebuying process.
Homebuyers urge housing minister to blacklist builders whose projects are stalled for over 2 years
The Forum for People’s Collective Efforts (FPCE), a pan-India homebuyers' body, has requested the Indian housing minister to blacklist builders whose projects are stalled or delayed for more than two years. They have also suggested that concessions and exemptions recommended by the Amitabh Kant Committee should only be applicable to legacy stalled projects.
Homebuyers seek compensation from MahaRERA over developers’ non-compliance
In January, MahaRERA had issued show cause notices to 19,500 projects that had not updated the mandatory project information as per Section 11 of the Act. This implies that 3,500 notices for various projects, or just around 18%, have since complied.
US consumer confidence ticks up in March
The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. Optimism about current conditions fell, though consumers grew slightly more positive about the short-term future. That's a reversal from recent surveys.
India government invests over Rs 5,000 cr more in SWAMIH Investment Fund I to help homebuyers
SWAMIH Investment Fund I is India’s largest social impact fund aiming to provide priority debt financing for the completion of stressed, brownfield and RERA registered residential projects that fall in the affordable, mid-income housing category. The fund is sponsored by the Ministry of Finance, Government of India and is managed by SBICAP Ventures, a State Bank Group co.
Attention, homebuyers! How severe is RBI’s likely rate hike going to be for your home dreams
During the pandemic, the RBI had cut interest rates from 5.15% to a low of 4%. However, since May 2022, the central bank has been on a rate-hiking journey in order to tame the rising inflationary pressures. The homebuyers were aware of the fact that these low interest rates were transient and unsustainable in nature. They are expecting the hike and are thus prepared for it.
50% homebuyers expecting prices to rise in coming months : Survey
"India's residential market has seen a sharp revival in demand after the second wave of the COVID-19 pandemic. The rising cost of borrowing, increase in input costs and strong demand has resulted in a rise in housing prices.," said Dhruv Agarwala, Group CEO, Housing.com.
Housing launches highest in seven years in April-June 2022 : Report
“The biggest booster to housing demand has been the increased importance of owning a property which has been further backed by the consumer confidence in the overall economic scenario and impending income stability,” said Vikas Wadhawan, Group CFO, PropTiger.com.
RERA implementation to improve post SC direction on examining states' rules: FPCE
A bench of Justices D Y Chandrachud and Surya Kant gave three months to the Centre to examine if there are any deviations between the rules drawn up by the states and those framed by the Centre in 2016, and to place the report by the first week of May 2022.
Suraksha group expects NCLT nod by March to acquire Jaypee Infra; gearing up to start construction
In the meantime, Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave said the company is making preparations internally to start construction work on all stalled projects soon after the NCLT approval.
Haryana RERA orders Emaar to pay delay compensation to homebuyer
“The respondent is directed to pay the interest at the prescribed rate - 9.30% per annum for every month of delay on the amount paid by the cornplainant from due date of possession The arrears of interest accrued so far shall be paid to the complainant within 90 days from the date of this order,” Haryana RERA has said in the order.
Proximity to healthcare services highest-ranked amenity to potential homebuyers: Survey
“The health crisis has reinforced the importance of home ownership across the world. As a result, the residential real estate market is not only witnessing fresh demand from first time homebuyers but also from a lot of consumers who are upgrading to bigger apartments," said Dhruv Agarwala, Group CEO, Housing.com.
Housing.com, ISB launch Housing Pricing Index to help homebuyers find the best time to purchase property
According to the Gurugram-based digital real estate company, the HPI, created in association with the Indian School of Business’ (ISB) Srini Raju Centre for IT and the Networked Economy (SRITNE), aims to serve as a tool that tracks changes in residential home prices across India's eight major markets.
Jaypee homebuyers request PM Narendra Modi to intervene
Jaypee Infratech’s committee of creditors (CoC) had on December 18, 2019 selected NBCC to acquire the company with 97.36% of the votes. The other contender was Suraksha Realty.
Budget recap: What the saver, investor, homebuyer and the senior citizen have got so far in Modi era
Govt slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%.
Housing ministry supports homebuyers' stand to repeal West Bengal HIRA
The Ministry of Housing and Urban Affairs has supported the petition of a pan-India homebuyers’ body to repeal the West Bengal Housing Regulation Act, 2017 (HIRA).
Govt-backed stress fund starts realty projects revival, homebuyers gain confidence
The SBICAP Ventures managed fund has cleared investments worth over Rs 13,200 crore for 136 projects and has started deploying funds across 36 projects.
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